Gold and silver shares posted considerable gains Friday in spite of only a modest advance in precious metals. The Philadelphia Gold & Silver Index (XAU) climbed 1.8% to 194.81 in early afternoon trading, fueled by a broad-based rally on Wall Street and weakness in the U.S. dollar.
Among large-cap gold producers, Goldcorp (GG) and Newmont Mining (NEM) were two of the top performing stocks. GG rose 1.7% to $47.71 per share and NEM surged 3.0% to $65.69 per share.
As for silver stocks, Silver Standard Resources (SSRI) added 1.5% to $18.73 per share, while Silver Wheaton (SLW) jumped 1.3% to $31.62 per share.
COMEX gold futures climbed to as high as $1,685.50 per ounce this morning, but were up only $6.70, or 0.4%, at $1,675.20 as of 12:30pm ET.
Silver futures on the COMEX surpassed $32.50 earlier, but relinquished approximately half of their gains to trade near $31.90 this afternoon.
The broader equity markets also pared their gains on Friday, with the Dow Jones Industrial Average (DJIA) up 64.83 points, or 0.6%, at 11,542.96. The Dow had been as high as 11,612.47 this morning.
Spanish Mountain Gold Nears Updated Resource Estimate
The program was also designed to test for extensions to gold mineralization laterally and at depth. The results of the drilling conducted to date continue to confirm the continuity of potentially economic mineralization in areas presently classified as inferred resources. An updated geological model has been completed and will serve as the basis for the updated resource estimate to be completed in late October. Full Spanish Mountain Gold News Release.
- 39.50 meters (m) grading 1.09 grams per tonne (g/t) gold in hole 11-DDH-965 at the Main Zone.
- 102.00m grading 0.33 g/t gold and 9.00m grading 1.32 g/t gold in hole 11-DDH-988 at the Main Zone.
- 82.50m grading 0.54 g/t gold in hole 11-DDH-966 at the North Zone.
- 50.00m grading 0.62 g/t gold in hole 11-DDH-968 at the North Zone.
